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Skool sux > MGT 3 External Assessment > Flashcards

MGT 3 External Assessment Flashcards

1
Q

Who said “If everyone is thinking alike, then somebody isn’t thinking”

A

George Patton

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2
Q

Who said “Nothing focuses the mind better than the constant sight of a competitor who wants to wipe you off the map”

A

Wayne Calloway

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2
Q

Who said “If you’re not faster than your competition then you’re in a tenuous position, if you’re half as fast, you’re terminal”

A

George Salk

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2
Q

Other name for management audit

A

Environmental Scanning or Industry Analysis

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2
Q

The purpose of an external audit

A

To develop a finite list of opportunities and threats.

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3
Q

The 5 categories of External Forces

A
  1. Economic Forces
  2. Social, Cultural, Demographic, and Natural Forces
  3. Political, Governmental, Legal Forces
  4. Technological Forces
  5. Competitive Forces
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4
Q

The process of performing an external audit must involve as many managers and employees as possible.

A

This is a statement, it might appear in true or false

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5
Q

To perform an external audit, a company must first gather competitive intelligence and information on the 5 factors

A

This is a statement, it might appear in true or false

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6
Q

What does I/O view mean?

A

Industrial Organization

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7
Q

What is the I/O view?

A

It advocates that external factors are more important than internal factors in achieving a competitive advantage

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8
Q

Give 1 proponent of the I/O view

A

Michael Porter

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9
Q

What factors have a direct impact on the potential attractiveness of various strategies.

A

Economic Factors

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10
Q

When stock prices increase?

A

The desirability of equity as a source of capital for market development increases.

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11
Q

An economic value of significant importance in strategic planning

A

Gross Domestic Product (GDP)

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12
Q

What factors have a major impact on virtually all products, services, markets, and customers.

A

Social, Cultural, Demographic, Natural Environmental Forces

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13
Q

These are apartment complexes for the elderly, with 1 meal a day, transportation, utilities included.

A

Lifecare facilities

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14
Q

What has changed the very nature of opportunities and threats by altering the life cycle of products, increasing the spread of distribution, creating new products, and etc.?

A

The Internet

15
Q

The meaning of
CIO
CTO
CI
SCIP
EFE
CPM

A

Chief Information Officer
Chief Technology Officer
Competitive Intelligence
Society of Competitive Intelligence Professionals
External Factor Evaluation
Competitive Profile Matrix

15
Q

Difference between CIO and CTO

A

CIO is more of a manager, managing relationships with firms
CTO is more of a technician, focusing on technical issues

16
Q

Who published the article on how wireless technology will change 10 particular industries

A

Wall Street Journal

17
Q

3 Basic Objectives of a CI program

A
  1. Provide a general understanding of the industry and it’s competitors
    2.To identify areas in which competitors are vulnerable to assess the impact strategic actions would have on competitors.
  2. To identify potential moves that a competitor might make that would endanger a firm’s position in the market.
18
Q

The increasing emphasis on ___ in the US is evidenced by corporations putting this function in their organized charts.

A

Competitive Analysis

19
Q

Markets can be geographic, products, or segments

A

This is a statement, it might appear in true or false

19
Q

Competitive intelligence is not corporate espionage because why?

A

Because 95% of the information a company needs to make strategic decisions is available and accessible to the public.

20
Q

This can be described as the number and significance of markets that a firm competes in with rivals.

A

Market Commonality

21
Q

This is the extent to which the type and amount of a firm’s internal resources are comparable to a rival.

A

Resource Similarity

22
Q

The 5 competitive forces that make up the competitiveness of a given industry

A
  1. Rivalry among competition
  2. Potential entry of new competitors
  3. Potential development of substitute products
  4. Bargaining power of suppliers
  5. Bargaining power of customers
23
Q

Usually the most powerful force among the 5 competitive forces

A

The Rivalry among competing firms

24
Q

Can be the most important force affecting competitive advantage.

A

Bargaining power of customers

25
Q

Most college libraries subscribe to?

A

Standard & Poor’s (S&P’s) Industry Surveys

26
Q

These are educated assumptions about future trends and eventst.

A

Forecasts

27
Q

Forecasting tools can be broadly split into 2 groups which is?

A

Quantitative and Qualitative techniques

28
Q

Which is most appropriate when historical data is available and when the relationships among key variables are expected to remain the same in the future?

A

Quantitative

29
Q

__ is an example based on the assumption that the future will be the same as the past, which of course it never is.

A

Linear Regression

30
Q

As historical relationships become less stable, quantitative forecasts become less accurate

A

This is a statement, it might appear in true or false

31
Q

Planning would be impossible without assumptions

A

This is a statement, it might appear in true or false

32
Q

Who defines assumptions as “best present estimates of the impact of major external factors, over which the manager has little control, (+ more blah blah)”

A

McConkey

33
Q

This allows strategists to summarize and evaluate the 5 external forces

A

External Factor Evaluation

This is the weight thing

34
Q

Who said “In god we trust, all others bring data”

A

Edward Deming

35
Q

Highest and Lowest possible weighted score in an EFE Matrix

A

4 is highest (Superior), 1 is lowest (Poor)

36
Q

This identifies a firm’s major competitors and its particular strengths and weaknesses in relation to the firm’s strategic position.

A

Competitive Profile Matrix

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